Shanghai Electric chairman detained
15 August 2006
The chairman of Shanghai Electric Group, Wang Chengming, has joined directors Han Guozhang and Zhang Rongkun as the focus of an investigation into an ever-widening corruption scandal at the firm. A city government spokesperson confirmed that Wang's behavior was being scrutinized by the Communist Party's Central Disciplinary Committee over a "serious violation of party discipline", the South China Morning Post reported. Trading in Shanghai Electric, China's largest power product manufacturer, was suspended Monday ahead of the release of further information that could influence the share price. It is the second time trading in the company's shares has been halted following city government confirmation last Friday that Han and Zhang had been detained.